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Author:Hetzel, Robert L. 

Journal Article
Opinion: Milton Friedman and liberty

Econ Focus , Volume 11 , Issue Win , Pages 64

Working Paper
What is the Monetary Standard

The monetary standard emerges out of the interaction of monetary policy with the structure of the economy. Characterization of the monetary standard thus requires specification of a model of the economy with a central bank reaction function. Such a specification raises all the fundamental issues of identification in macroeconomics.
Working Paper , Paper 15-16

Journal Article
Arthur Burns and inflation

Economic Quarterly , Issue Win , Pages 21-44

Journal Article
Opinion: A case against \\"do something\\" policymaking

Econ Focus , Volume 13 , Issue Sum , Pages 44

Journal Article
A monetarist money demand function

The notion that excessive money supply growth is the primary cause of inflation is by now so familiar as to be a virtual commonplace. Not so widely understood, however, is the monetarist reasoning underlying this view. Robert L. Hetzel contributes to this understanding by spelling out the assumptions underlying the monetarist theory of inflation in A Monetarist Money Demand Function. Most Economists agree that the price level is determined by the interaction of the demand for and supply of money. Monetarists go a step further, holding that since changes in the demand for money are small ...
Economic Review , Volume 70 , Issue Nov , Pages 15-19

Journal Article
A shift-adjusted M2 indicator for monetary policy

Economic Quarterly , Issue Sum , Pages 25-48

Journal Article
How useful is M2 today?

One of the most difficult aspects of formulating monetary policy is assessing the impact of policy actions on the public's dollar spending. Historically, the behavior of M2 has offered considerable information about the impact of monetary policy on dollar spending. It appears likely that M2 will continue to offer useful information to the policymaker.
Economic Review , Volume 78 , Issue Sep , Pages 12-25

Working Paper
Monetary policy in the early 1980's

A requirement for the study of macroeconomic behavior in the early 1980s is an understanding of the monetary policy pursued by the Federal Reserve and of the way this policy was implemented. In an attempt to fulfill this requirement, the formulation and implementation of monetary policy are discussed in this paper for the period of October 1979 to December 1983. Particular attention is paid to the choice by the Fed of the funds rate or the money supply as its primary policy variable. It is contended that the operating procedures adopted in October 1979 contributed to the cyclical behavior of ...
Working Paper , Paper 84-01

Journal Article
German monetary history in the first half of the twentieth century

Economic Quarterly , Issue Win , Pages 1-35

Working Paper
A critique of theories of money stock determination

Many different models of money stock determination exist in the literature. An attempt is made here to understand why the differences in these models arise. Differences in models are ascribed first to the (usually implicit) role assigned to the price level. From this perspective, models fall into two categories. Models in the quantity theory tradition require that the price level adjust in order to cause the real quantity of money to equal the real quantity demanded. In contrast, in the real bills or banking school tradition, the nominal quantity of money adjusts in order to provide the real ...
Working Paper , Paper 86-06

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